CAMBRIDGE, Mass.--(BUSINESS WIRE)--Apr. 22, 2009--
Alkermes, Inc. (NASDAQ: ALKS) today announced plans to move its
corporate headquarters to Waltham, Massachusetts from Cambridge,
Massachusetts. In connection with the move, the company has signed a
lease agreement and is building out a 100,000 square foot facility on
Winter Street. The company anticipates that the move will be completed
in early calendar year 2010. Alkermes expects the relocation to result
in annual cash savings in fiscal year 2011 and beyond of approximately
$8 million.
“By taking advantage of the current real estate market conditions, we
are able to improve our business operations by moving to a central
location in a brand new facility. This relocation to Waltham offers
economic advantages by providing a lower cost of doing business and
increasing our flexibility to invest in our proprietary product
pipeline,” stated Jim Frates, chief financial officer of Alkermes. “We
look forward to being part of Waltham’s business community.”
“We are delighted to join a growing cluster of biotechnology companies
in Waltham. The new building provides us with an ideal location and an
opportunity to design a space that specifically fits our needs,” said
Gordon Pugh, chief operating officer. “The new facility is a certified
Leadership in Energy and Environmental Design (LEED) green
building and will have state-of-the-art laboratory space to support our
research and development activities as we advance our proprietary
product programs.”
Alkermes will continue to operate its commercial manufacturing facility
in Wilmington, Ohio. The company manufactures two commercial products,
RISPERDAL® CONSTA® and VIVITROL®, at
its Ohio facility.
About Alkermes
Alkermes, Inc. is a fully integrated biotechnology company committed to
developing innovative medicines to improve patients' lives. Alkermes
developed, manufactures and commercializes VIVITROL® for
alcohol dependence and manufactures RISPERDAL® CONSTA® for
schizophrenia. Alkermes' robust pipeline includes extended-release
injectable, pulmonary and oral products for the treatment of prevalent,
chronic diseases, such as central nervous system disorders, addiction
and diabetes. Headquartered in Cambridge, Massachusetts, Alkermes has
research facilities in Massachusetts and a commercial manufacturing
facility in Ohio.
Certain statements set forth above may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, the anticipated costs
and savings associated with relocating to Waltham and the timing of the
move. Although the company believes that such statements are based on
reasonable assumptions within the bounds of its knowledge of its
business and operations, the forward-looking statements are neither
promises nor guarantees and the company’s business is subject to
significant risk and uncertainties and there can be no assurance that
its actual results will not differ materially from its expectations.
These risks and uncertainties include, among others: that expected cost
savings can be highly variable and uncertain; that the build out of the
Waltham facility could be delayed, which may result in increased costs
and risks; relocation could adversely affect employee retention and
focus; and it may be difficult to manage operations during the
overlapping period that the Waltham and Cambridge facilities are both
open. For further information with respect to factors that could cause
the company’s actual results to differ materially from expectations,
reference is made to the reports the company filed with the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as
amended. The forward-looking statements made in this release are made
only as of the date hereof and the company disclaims any intention or
responsibility for updating predictions or financial expectations
contained in this release.
VIVITROL® is a registered trademark of Alkermes, Inc. and
RISPERDAL® CONSTA® is a registered trademark of
Janssen-Cilag group of companies.
Source: Alkermes
Alkermes Contacts:
For
Investors:
Rebecca Peterson, 617-583-6378
or
For Media:
Jennifer
Snyder, 617-583-6166
